Hot Topics at 10: RBI’s Unexpected Rate Cut, Escalating Musk-Trump Conflict, Starlink Secures Approval in India, and More

The Reserve Bank of India unexpectedly acted to stimulate growth, cutting the repo rate by 50 basis points to 5.5% and lowering the Cash Reserve Ratio (CRR) by one percentage point. This is the third consecutive rate reduction in 2025, unlocking ₹2.5 lakh crore in liquidity and providing crucial support to banks and sectors sensitive to interest rates. Furthermore, the central bank relaxed criteria for small gold loans, increasing the loan-to-value cap to 85% for loans up to ₹2.5 lakh. This development bolstered investor confidence, enabling the Nifty to recover weekly gains after experiencing two weeks of losses.

In the meantime, Elon Musk’s Starlink secured a vital license from India’s telecom ministry, facilitating the launch of satellite internet services.
Internationally, tensions escalated due to lethal Russian strikes on Kyiv and Israeli airstrikes on Beirut.

On the global political stage, Tesla’s shares continued to decline amid political challenges and Musk’s ongoing conflict with Donald Trump.

Here are today’s Top 10 stories

Reserve Bank of India surprises with a 50 bps rate cut; CRR reduced by 100 bps

On Friday, June 6, the Reserve Bank of India (RBI) reduced its benchmark interest (repo) rate by 50 basis points, marking the third consecutive rate cut by the central bank, following adjustments made in February and April.

Consequently, the repo rate is now set at 5.5%, down from 6% previously.

Additionally, the RBI has also decreased its Cash Reserve Ratio (CRR) by 100 basis points. This CRR cut is expected to free up to ₹2.5 lakh crore in liquidity and lower the banks’ cost of funding, according to RBI Governor Sanjay Malhotra’s address.

Now you can obtain a loan of 85% of gold value for amounts under ₹2.5 lakh: RBI’s updated regulation explained

On Friday (June 6), the Reserve Bank of India (RBI) announced significant adjustments to gold loan regulations, providing relief for small borrowers. The central bank will raise the Loan-to-Value (LTV) ratio to 85% from the current 75% for gold loans up to ₹2.5 lakh per borrower, inclusive of interest.

Nifty posts weekly gains as markets welcome RBI’s unexpected 50 bps rate cut

Indian equities closed the week with gains, overcoming two weeks of losses, as a surprising policy shift by the Reserve Bank of India (RBI) improved sentiment, particularly in rate-sensitive sectors like finance and real estate.

Musk criticizes Trump’s ‘Ingratitude’ following disagreement over GOP Tax Bill

On Thursday (June 5), the rift between Donald Trump and Elon Musk deepened, with these two influential figures exchanging barbs regarding the Republican tax policy bill central to the president’s agenda.

Tesla’s $380 billion loss is the largest among top companies in 2025

Tesla is the worst-performing large-cap stock of the year, impacted by diminishing electric vehicle demand, Elon Musk’s political controversies linked to far-right groups, and his ongoing public dispute with President Donald Trump.

Significant development for Elon Musk’s Starlink in India, obtains telecom ministry license

According to sources, Elon Musk’s Starlink has acquired a critical license from India’s Ministry of Telecommunications, marking a significant advancement for the satellite internet provider’s ambitions to kick-start commercial operations in the country.

Government considers PLI-like strategy for local production of rare earth magnets

The Indian government is evaluating a production-linked incentive (PLI)-like program aimed at enhancing local manufacturing of rare earth magnets. This initiative is part of broader efforts to reduce import dependence and bolster self-reliance in essential materials.

Russia launches drone and missile attacks on Kyiv, resulting in four fatalities

Russian drone and missile assaults in Kyiv resulted in at least four casualties and dozens of injuries, occurring in response to President Vladimir Putin’s pledge for retaliation following a Ukrainian drone strike on Russian airbases.

Israeli forces bombard Beirut’s southern suburbs

Israeli airstrikes struck the southern suburbs of Beirut late on Thursday (June 5), causing an exodus of residents before a Muslim feast day and drawing accusations from senior Lebanese officials that Israel was breaching a ceasefire agreement.

RCB official detained at Bengaluru airport as police launch crackdown post-stampede incident

The Bengaluru police arrested Nikhil Sosale, the marketing head of Royal Challengers Bengaluru (RCB), at Kempegowda International Airport while he was on his way to Mumbai.

DNA entertainment officials Kiran Kumar and Sunil Matthew have also been detained in relation to the stampede incident that resulted in 11 fatalities outside the M. Chinnaswamy Stadium earlier this week.

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